Form 4: Texas Pacific Land Director Murray Stahl Reports Recent Stock Purchases Under 10b5-1 Plan

A recent SEC Form 4 filing reveals that Murray Stahl, a Director and 10% owner of Texas Pacific Land Corp, along with affiliated entities, acquired additional common stock shares through pre-arranged trading plans.

Summary

• Murray Stahl, a Director and 10% owner of Texas Pacific Land Corp (TPL), and Horizon Kinetics Asset Management LLC, also a 10% owner, filed a Form 4 reporting recent transactions.
• On June 16, 2025, a total of 10 shares of TPL Common Stock were purchased across various accounts at prices of $1,109.3 and $1,098.69 per share.
• These purchases were made pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, the beneficial ownership of TPL common stock by Murray Stahl and affiliated entities includes 325,803 shares indirectly through Horizon Kinetics Hard Assets, 5,609 shares indirectly through HORIZON CREDIT OPPORTUNITY FUND LP, 8,217 shares directly, 5,728 shares indirectly through HORIZON COMMON INC, 129,274 shares indirectly through POLESTAR OFFSHORE FUND LTD, 637,757 shares indirectly through Horizon Kinetics Asset Management LLC, 7,452 shares indirectly through CDK PARTNERS LP, 16,647 shares indirectly through CDK FUND LTD, 180 shares indirectly through Spouse, 5,490 shares indirectly through FROMEX Equity Corp, and 24,024 shares indirectly through FRMO Corp.
• Murray Stahl disclaims beneficial ownership over the reported shares except to the extent of his pecuniary interest, and states he does not exercise investment discretion with respect to the Issuer's securities, despite serving as Chairman, CEO, and CIO of Horizon Kinetics Asset Management LLC.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive due to insider buying by a director and significant shareholder, which generally signals confidence. The fact that it's under a 10b5-1 plan makes it less 'opportunistic' but still a positive signal of long-term commitment.

Positives

• The acquisition of shares by a director and significant shareholder, Murray Stahl, and affiliated entities, can be interpreted as a sign of confidence in the company's future prospects.
• The transactions were conducted under a Rule 10b5-1 plan, indicating pre-planned, systematic purchases rather than opportunistic trading, which can reduce concerns about insider trading.

Future Outlook

The document does not contain explicit forward-looking statements or guidance beyond the execution of pre-planned stock purchases under a Rule 10b5-1 plan.

Management Comments

• "Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer."
• "Mr. Stahl disclaims beneficial ownership over the shares reported except to the extent of his pecuniary interest, if any."

Industry Context

This Form 4 filing is a routine disclosure of insider trading activity. While it doesn't provide direct industry context, insider buying, especially by a director and significant shareholder, can sometimes signal internal confidence in the company's position within its industry, particularly in the land and natural resources sector where Texas Pacific Land Corp operates.

Related Party Transactions

• The reported transactions involve Murray Stahl, a Director and 10% owner, and entities affiliated with Horizon Kinetics Asset Management LLC, where Mr. Stahl serves as Chairman, CEO, and CIO. These indirect holdings represent related party dealings.

Stakeholder Impact

• Shareholders: The insider purchases by a director and significant owner may be viewed positively, potentially boosting investor confidence in the company's stock.
• Employees, Customers, Suppliers, Creditors: No direct impact is indicated by this filing, as it pertains solely to stock ownership changes.

Key Dates

Recommendation

Keywords

Texas Pacific Land Corp, TPL, SEC Form 4, Insider Trading, Beneficial Ownership, Murray Stahl, Horizon Kinetics, Stock Purchase, Rule 10b5-1 Plan, Director, 10% Owner